Germany’s top financial regulator, BaFin said it has called for a cessation of activities by Crypto.exchange.

BaFin said in a statement that:

On its website www.btc-now.de Crypto.exchange GmbH invited investors to transfer their bitcoins to Crypto.exchange GmbH, which would then sell these through an exchange platform; the purchase price obtained, it claimed, would be passed on to the investors within 30 minutes. Crypto.exchange GmbH did not have the necessary authorization to provide such services.

Crypto.exchange GmbH claimed on its website to have some sort of approval of its business by BaFin, which it did not.

The cease and desist order is immediately enforceable; it may still, however, be contested in court.